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Risk identification and assessment

Risk management will reduce the likelihood and severity of serious and adverse health and safety outcomes.

Schools and early learning services need to understand what is going on in the business so risks are known, assessed and managed.

Projects have risks. While this may be a simple (and obvious) statement, one of the most difficult activities in project management is determining what those risks are, and how they should be prioritized. The first step in developing a sound Risk Management Plan is to identify risks and determine their potential impact on a project. The purpose of this paper is to investigate why this activity is so difficult, and to suggest a systematic approach to risk identification and assessment.

Any project can be viewed from multiple perspectives, and in fact it must be to fully capture as many risk factors as possible. Normally, a project team is cross functional, with representatives from different stakeholder groups. This is preferred, as the team members will obviously hold different perspectives. For instance, a team developed to acquire capital equipment in a manufacturing environment might include operations, design, marketing, maintenance, customer service, accounting, and purchasing personnel. Each will bring their unique perspective, and may also have important experience from prior projects.